Credit Suisse cuts gold, silver, Brent forecasts

MADRID (MarketWatch) -- Credit Suisse on Tuesday became the latest investment bank to make changes to its commodity-price forecasts, citing a view on China growth that was "too optimistic." For gold, Credit Suisse strategists said a combination of slowing core inflation and open contemplation by the Federal Reserve of tapering its asset purchases will put the precious metal under "substantial further pressure." The average gold price
gcq3
for 2013 is now seen at $1,400 an ounce, down from a prior $1,580. Silver was cut to $24.20 an ounce from $28.50. Copper
hgn3
was cut to $7,240 a metric ton from $7,482. Palladium
PAU3, +0.00%
was cut to $740 an ounce from $770 and platinum
pln3
was cut to $1,540 an ounce from $1,655. Within energy, Credit Suisse cut its Brent forecast to $108 a barrel from a prior $112, its West Texas Intermediate
LCOQ3, -0.17%
oil forecast to $97 a barrel from a prior $98, but lifted its natural-gas forecast
ngn3
to $4 per million British thermal units from a prior $3.70.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.